The 15.67 million Class A share offering was priced at $14 per share, the upper end of Roku's proposed $12 to $14 range, raising about $219.35 million in proceeds. Its fiscal 2016 revenue of $398.6 million was up 25% from the $319.9 million in fiscal 2015.
Roku ( ROKU ) is set to begin trading Thursday morning on the Nasdaq, having raised $220 million from an initial public offering of 15.7 million shares that gave it a market valuation of $1.3 billion.
Roku set-top boxes and dongles offer users access to free channels like YouTube, subscription channels like Netflix and cable channels like HBO. The startup generated a net loss of $24.2 million on revenue of $199.7 million during the first six months of the year, according to the company's filing with the Securities and Exchange Commission.
Yellen makes case for gradual tightening
Weekly data on USA petroleum supplies will be released by Energy Information Administration late Tuesday and arly Wednesday. Traders had no details on the plan, but speculated it might raise the federal deficit and increase government borrowing.
Star Wars Battlefront II: Full details released game-play features
Anyone who pre-orders Star Wars Battlefront II before October 1 will secure an early spot in the beta, which begins on October 4. If nothing else, DICE and EA have successfully put Star Wars: Battlefront 2 front and center at every major event this year.
Apple iPhone X demand could top 50 million units: KGI
On a personal note, I've been using the iPhone 8 Plus for a few days now and am highly impressed, coming from an iPhone 7 Plus. And the iPhone 8 carries a BOM of $247.51, which is $9.57 higher than the iPhone 7 when it was released.
Roku users streamed more than 6.7 billion hours on the platform in the first six month of this year, the company said, up 62% from the same period in 2016.
Roku was founded in 2002 and has always been admired by even staunch rivals for having crafted perhaps the most elegant user interface in the streaming game. (NASDAQ: AMZN)'s Fire TV and Apple Inc. Founded by Anthony Wood, the "father of the DVR" who still leads the company as CEO, Roku has more than held its own against tech behemoths Apple, Google and Amazon. Investors sent shares surging on the first day, betting the company can fend off larger rivals.
Roku addressed the crowded streaming market in their prospectus as well, recognizing it as a risk and saying that "These companies have the financial resources to subsidize the cost of their streaming devices in order to promote their...products and services making it harder for us to acquire new users and increase hours streamed".
At $16.33, Roku had a market capitalization of $1.55 billion.